The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 27th April 2006.

2

The figures for the corresponding periods in the previous year, are not comparable with the current period’s figures due to the following reasons:

The current financial year started on 1st July 2005 and thus, the cumulative figures are for the nine months period ended 31st March’06, whereas the figures for the corresponding period are for fifteen months ended 30th June’05.

Figures pertaining to the different periods of the previous year are inclusive of Power Unit Plant and Power Products Division, which have been sold to AVTEC Limited on 28th June 2005.

3

As in the past, the company has not provided against certain doubtful debts, claims and advances, as it is hopeful of recovering these amounts. The above matter was referred to by the auditors in their report for the period ended 30th June 2005.

4

Other income includes Rs.759 Lacs (Rs.269 Lacs for the current quarter) being profit on sale of immovable property and investments for the nine months period ended 31st March’06.

5

Prior period figures have been re-grouped/rearranged, wherever necessary.

6

In view of book profit for the period from 1st April 2005 to 31st March 2006, Minimum Alternate Tax as per Section 115 JB of Income Tax Act, 1961 is provided for as Current Tax.

7

Number of Investor complaints:

Pending at the beginning of this quarter – 4,

Received during the quarter – 32,

Disposed off during the quarter – 30,

Lying unresolved at the end of the quarter – 6.

Segment-wise Revenue, Results and Capital Employed

(Rupees in Lacs)

Particulars

Hindustan
Motors Limited

6-months ended 31.12.05

Quarter ended 31.03.06

Quarter ended 31.03.05

9-months period ended 31.03.06 (Audited)

15-months period ended 30.06.05 (Audited)

Segment
Revenue (Net Sales)

a)
Automobiles

23627

19025

23359

42652

89294

b)
Automatic Transmissions

-

-

3597

-

15479

c)
Others

20

7

4

27

91

Total

23647

19032

26960

42679

104864

Less
:Inter Segment Revenue

-

-

-

-

-

Total
net sales/income from operations

23647

19032

26960

42679

104864

Segment
Results
Profit(+)/Loss(-) before Interest & Taxes

a)
Automobiles

-2476

-204

-40

-2680

3103

b)
Automatic Transmissions

-

-

809

-

8436

c)
Others

-73

-48

-38

-121

-155

Total

-2549

-252

731

-2801

11384

Less
:Interest

585

299

956

844

4834

Less:
Unallocable Expenses, Net of unallocable income

99

-80

70

19

-3737

Profit(+)/Loss(-)
before tax

-3233

-471

-295

-3704

10287

Capital
Employed for reportable segments (As at the end of the
Period)

a)
Automobiles

17166

17993

31458

17993

23517

b)
Automatic Transmissions

-

-

7344

-

-

c)
Others

158

149

114

149

288

Capital
Employed in reportable segments

17324

18142

38916

18142

23805

The products covered in the reportable business segments are as follows: -

Automobiles

Passenger Cars, Utility Vehicles, Components & Accessories.

Transmissions

Automatic Powershift Transmissions & Components thereof for off highway and on highway applications (sold to AVTEC Limited in June’05).